Gold - April 26, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading at $1779 per ounce on Monday. Gold June future contract at MCX were trading marginal down at Rs. 47450 per 10 grams by noon session.

Gold prices were supported by weaker dollar and pandemic worries. The rising cases in India and Japan and other emerging markets boosted risk premium in the prices. The lower US bond yields also held grounds for gold prices. The traders and investors have weighed Fed's dovish stance despite of positive US economic data.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1760 and resistance at $1800 per ounce. MCX Gold June support lies at Rs. 47200 and resistance at Rs. 47800 per 10 gram.

Source : Equity Bulls

Keywords